Carla Freedy

So 40 cents for a transaction and the ACH fee is much smaller.

So what we do, though, is if banks could have solved this problem a long time ago, they would have.

And the problem is not simply sending a transaction down a pipe.

But it's figuring out how to pay the supplier, what kind of payments the supplier will accept.

It's about collecting the data required to pay the supplier, securely storing it, and managing it over time as it changes.

So think about a customer that's making 100,000 payments a year.

They've got 200,000 invoices flying between them and their suppliers, and they have 10,000 suppliers.

So what we do is...

help manage the data on the front end as it's changing for suppliers, and then help manage the experience on the back end for support around that payment.

So we don't today take a percent of the transaction volume.

So the models are changing in the industry.

So there are folks who are taking a percent of the ACH volume.

Throw them under the bus.

There's a couple.

Wouldn't take hard to find out.

You can Google them now.

So the model is evolving in the industry.

And as that model evolves, today we don't charge suppliers because we want suppliers to accept electronic payment, right?

We want our customers to pay electronically.

So through time, we'll give suppliers options.